Immelt quits board at Federal Reserve Bank of New York

General Electric Co. CEO Jeffrey Immelt has stepped down from the board of the Federal Reserve Bank of New York, because of increasing demands on his time, the Associated Press reported this morning. The resignation was effective March 9, the New York Fed said.

Immelt was in Schenectady in January with President Obama, who named him to head a presidential council on job creation.

In his Fed position, Immelt had helped the bank monitor the region’s economy.